Australian Resident Tax Rates 2021/22 Financial Year Taxable income Tax on this income 0 – $18,200 Nil ($0) Tax $18,201 – $45,000 19 cents for each $1 over $18,200 $45,001 – $120,000 $5,092 plus 32.5 cents for each $1 over $45,000 $120,001 – $180,000 $29,467 plus 37 cents… Read More »What percentage of tax do I pay in Australia?
The Reserve Bank of Australia (RBA), Board decided to increase the cash rate target by 50 basis points to 85 basis points. It also increased the interest rate on Exchange Settlement balances by 50 basis points to 75 basis points. ‘Core’ inflation, which is currently 3.7%, is forecast to… Read More »RBA Increases cash rate
The Australian Taxation Office (ATO) has indicated the four key focus areas for the 2021/2022 Financial Year. The ATO will be focusing on: record-keeping work-related expenses rental property income and deductions, and capital gains from crypto assets, property, and shares. These ATO priority areas will… Read More »Four focus area’s for the ATO this tax time
From the 2021–22 income year, companies that are base rate entities must apply the 25% company tax rate. The rate was previously 27.5% from the 2017–18 to 2019–20 income years and 26% in the 2020–21 income year. For your company to be a ‘base rate… Read More »ATO – lower company tax rate
How portable long service leave works The Portable Long Service Benefits Scheme allows workers in community services, contract cleaning and security to take their long service entitlement with them if they change jobs but stay in the industry. From 1 July 2019, businesses with workers… Read More »Portable Long Service Leave – VIC Gov
As a company director you are responsible for ensuring that the company’s tax and super obligations are reported and paid on time. If your company does not pay certain liabilities by the due date, the ATO can recover these amounts from you personally as a… Read More »ATO: Directors Tax & Super liability
The Australian Taxation Office has identified, and is taking strong action, to respond to significant GST fraud. Involving participants inventing fake businesses to claim false GST refunds. The ATO is warning the community not to engage with this fraud, and for participants to come forward… Read More »ATO warning: Do not engage in GST fraud
The Australian Taxation Office (ATO) acknowledges there has been significant interest in its draft public advice and guidance relating to trust reimbursement agreements and unpaid present entitlements (also known as section 100A reimbursement agreements). ATO’s Louise Clarke said “The vast majority of small businesses operating through a… Read More »ATO Updated: Trust reimbursement agreements